Orrstown Financial Services (NASDAQ:ORRF) Shares Pass Above 200 Day Moving Average – What’s Next?
by Sarita Garza · The Markets DailyOrrstown Financial Services Inc (NASDAQ:ORRF – Get Free Report) crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $35.53 and traded as high as $36.79. Orrstown Financial Services shares last traded at $36.29, with a volume of 163,540 shares changing hands.
Analyst Upgrades and Downgrades
Several research firms have recently weighed in on ORRF. Weiss Ratings upgraded shares of Orrstown Financial Services from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, February 23rd. Hovde Group upped their price target on shares of Orrstown Financial Services from $40.00 to $42.00 and gave the company an “outperform” rating in a research note on Monday, February 2nd. Four equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $39.67.
Read Our Latest Stock Report on Orrstown Financial Services
Orrstown Financial Services Price Performance
The business has a fifty day moving average of $36.30 and a 200-day moving average of $35.53. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 0.06. The firm has a market cap of $715.54 million, a PE ratio of 8.72 and a beta of 0.77.
Orrstown Financial Services (NASDAQ:ORRF – Get Free Report) last announced its quarterly earnings results on Wednesday, January 28th. The bank reported $1.12 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.04. Orrstown Financial Services had a return on equity of 14.77% and a net margin of 22.71%.The firm had revenue of $73.89 million for the quarter, compared to analysts’ expectations of $51.54 million. As a group, research analysts predict that Orrstown Financial Services Inc will post 4.23 earnings per share for the current year.
Orrstown Financial Services Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Tuesday, February 17th. Shareholders of record on Tuesday, February 10th were issued a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend was Tuesday, February 10th. This is a positive change from Orrstown Financial Services’s previous quarterly dividend of $0.27. Orrstown Financial Services’s payout ratio is 28.71%.
Insider Activity at Orrstown Financial Services
In other news, Director Brian D. Brunner purchased 1,000 shares of Orrstown Financial Services stock in a transaction dated Wednesday, March 18th. The stock was purchased at an average cost of $34.02 per share, for a total transaction of $34,020.00. Following the transaction, the director directly owned 50,529 shares of the company’s stock, valued at approximately $1,718,996.58. This trade represents a 2.02% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. 4.70% of the stock is owned by company insiders.
Hedge Funds Weigh In On Orrstown Financial Services
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Caldwell Trust Co purchased a new stake in shares of Orrstown Financial Services in the 2nd quarter valued at about $25,000. State of Alaska Department of Revenue purchased a new position in shares of Orrstown Financial Services during the third quarter worth about $26,000. Financial Consulate Inc. bought a new position in shares of Orrstown Financial Services in the third quarter worth approximately $36,000. Quarry LP purchased a new stake in Orrstown Financial Services in the third quarter valued at approximately $42,000. Finally, Raymond James Financial Inc. purchased a new stake in Orrstown Financial Services in the second quarter valued at approximately $45,000. 44.27% of the stock is currently owned by hedge funds and other institutional investors.
About Orrstown Financial Services
Orrstown Financial Services, Inc is the bank holding company for Orrstown Bank, a community banking organization headquartered in Shippensburg, Pennsylvania. The roots of Orrstown Bank date back to 1865, and the holding company structure was established to support its growth and diversification. As a regional financial institution, Orrstown Financial Services focuses on delivering personalized banking solutions to individuals, families and businesses across Central Pennsylvania.
The company’s core offerings include a full suite of deposit products such as checking and savings accounts, money market accounts and certificates of deposit.